Crude oil prices increased slightly on Sunday after the United States and Iran continued to attack each other, once again affecting navigation through the Strait of Hormuz.
On Sunday, 28 June 2026, global crude oil prices edged up slightly as the conflict between the U.S. and Iran continued for the fourth consecutive day, with Iran insisting on controlling the Strait of Hormuz.
Brent crude, the international benchmark, rose 0.9% to close at $72.20 per barrel, while U.S. crude (WTI) surged 1.3% to close at $70.09 per barrel.
On Friday (26 June), global oil prices had dropped to their lowest levels since the war began, with Brent crude closing around $72 and U.S. crude about $69 per barrel.
In the previous week, oil prices had declined amid hopes that a 60-day ceasefire agreement would restore normal oil transport through the Strait of Hormuz, with tanker traffic increasing after the U.S. and Iran signed a memorandum of understanding on 17 June, agreeing to reopen the strait without tolls.
However, the previously increased shipping slowed after Iran attacked a vessel in the strait on Thursday (25 June), prompting the United Nations (UN) to temporarily suspend plans to evacuate stranded crews and ships.
Since then, U.S. and Iranian forces have attacked each other’s military targets, causing some vessels to reroute along the coast of Oman instead.
Notably, a decline in oil prices depends not only on restoring trade routes but also on repairing the damaged energy infrastructure, which may take several months before tankers can fully navigate the strait again.
Previously, experts warned that oil prices might not return to pre-war levels within 2026.
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Source:cnn